The interventional neurology market comprises neurovascular devices such as embolization coils, flow diversion devices, liquid embolics, thrombectomy devices, and support devices. These devices are used to prevent bleeding in the brain during minimally invasive surgical procedures. With advancements in materials science and imaging techniques, newer generations of these devices offer improved trackability, deployment control, and conformability to complex vascular anatomies.
The Global Interventional Neurology Market is estimated to be valued at US$ 2,450.6 Mn in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the Interventional Neurology market are Penumbra, Inc., Medtronic, Stryker, Terumo Corporation, Johnson & Johnson Services, Inc., Boston Scientific Corporation, MicroPort Scientific Corporation, Merit Medical Systems, W. L. Gore & Associates, Inc., Abbott, Cook, and Palex Medical. The increasing prevalence of neurological disorders such as ischemic strokes, cerebral aneurysms, and arteriovenous malformations is expected to drive the demand for minimally invasive neurointerventional procedures. With technological advancements, newer generations of flow diversion devices offer higher flow disruption rates and longer-term effectiveness in treating complex aneurysms. Moreover, continuous innovation is expected to contribute to less invasive treatment options and improved clinical outcomes.
Market drivers
The growing geriatric population susceptible to neurological disorders is a key factor driving the interventional neurology market growth. According to the World Health Organization, the number of people aged 60 years and older is expected to double between 2017 and 2050, reaching around 2.1 billion globally. Moreover, favorable reimbursement policies for interventional radiology procedures in developed markets also contribute to the market expansion.
Challenges in Interventional Neurology Market
The interventional neurology market faces several challenges that are hampering its growth. The high cost of procedures and devices used for neurovascular applications poses a major barrier. The lack of dedicated healthcare reimbursement policies further aggravates the issue. There is also a shortage of skilled neurointerventional radiologists and neurosurgeons required to perform complex endovascular procedures. Moreover, long learning curves and lack of widespread training programs make it difficult for medical professionals to gain requisite expertise. These factors have negatively impacted penetration of newer technologies in developing nations. Additionally, uncertainties associated with clinical efficacy and strength of existing evidence pose commercialization challenges for companies.
SWOT Analysis
Strength: Growing disease burden of neurological disorders and rapid adoption of minimally invasive techniques. Weakness: Shortage of trained medical professionals and high dependency on commercial reimbursement policies. Opportunity: Emerging economies with large target population and introduction of cost-effective products. Threats: Intense competition amongst established players and stringent regulations for new product approvals.
Geographically, North America dominated the interventional neurology market and accounted for the largest share in terms of value in 2024. This is attributable to rising demand for advanced therapeutics and presence of major manufacturers in the region. Asia Pacific exhibits high potential for interventional neurology devices. It is projected to be the fastest-growing regional market owing to increasing healthcare expenditures, growing medical tourism, and expansion of private-sector hospitals.
China represents the largest country market in Asia Pacific followed by countries like India and Japan. The rapidly aging population, rising prevalence of cerebrovascular diseases, and favorable regulatory environment are fueling adoption of interventional therapies across Asia Pacific nations. However, high costs and unmet needs in rural areas continue to hamper market growth. Overall, developing Asian countries are expected to offer lucrative opportunities for established global players and local emerging companies.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
